Deposit

Meaning:

A deposit refers to an amount of money kept or placed into a bank account or with  a financial institution for safety, savings, or future use. It represents money that is handed

over to be stored securely and accessed when needed.

Example:

For example, if you deposit ₹10,000 into your savings account, that amount is  securely held by the bank until you decide to withdraw it.

How to understand deposits:

The importance of deposits lies in their ability to ensure the safety of money by protecting it  from theft, loss, or damage.

Deposits help build savings habits and encourage financial discipline, allowing individuals to  plan for future expenses.

Uses of Deposits:

Saving for future goals such as education, travel, or retirement.  Daily transactions like receiving a salary or making payments.   Fixed deposits and recurring deposits to earn higher returns.  Maintaining a minimum balance to keep bank accounts active.